HUD Publishes Final FMRs for FY 2004 Section 8
The U.S. Department of Housing and Urban Development this week published final fiscal 2004 Section 8 fair market rents (FMRs), effective October 1, 2003. FMRs are used to determine payment standard amounts for the Housing Choice Voucher program, to determine initial renewal rents for some expiring project-based Section 8 contracts and to determine initial rents for housing assistance payments (HAP) contracts in the Moderate Rehabilitation Single Room Occupancy (SRO) program. Because HUD is still analyzing rent data from the 2000 census, the FMRs are generally based on 1990 rent data. Based on public comments, HUD increased the proposed FMRs for Miami, Honolulu, Assumption Parish, La., and Navarre County, Texas. HUD plans to publish revised proposed FMRs for comment in late 2003 or early 2004 based on 2000 census rent data and new metropolitan area definitions released by the Office of Management and Budget (OMB) in June.